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#tariffs lead to inflation – @politicalantibody on Tumblr
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Dude, Where Is My Democracy?

@politicalantibody

The good fight against one-party rule. Our Democratic institutions are undergoing a stress-test, which started at least a generation ago, possibly two. Not going well so far.
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By now, every pundit in America has their own 2024 election take, mostly confirming their prior opinions. Every Republican has a take, too, which is that Americans voted resoundingly for — well, for whatever policy that Republican cares about, from opposition to transgender rights to support for prayer in schools. And of course, progressives, especially younger ones, have every right to feel afraid, angry, or alienated. But the data tells a specific story, not a choose-your-own-adventure. And that is that swing voters voted mostly out of economic insecurity and discontent. They actually liked Kamala Harris more than Donald Trump (Harris’ favorability was 48 percent, compared to 44 percent for Trump). But Harris was the incumbent, and incumbents don’t win elections when people think the economy is bad. This is not just an American phenomenon. As the Financial Times reported, in every developed country in the world, the incumbents lost this year. This is unprecedented. If, like me, you’re being kept awake at night thinking about this election, this explanation helps. Yes, people were willing to put up with Trump’s criminality, coup attempts, and extreme xenophobia, and that is still terrible. Many were also on board with scapegoating immigrants for our economic woes, which is as factually preposterous as it is morally offensive.  But they didn’t vote for MAGA. They didn’t vote against women, or wokeness, or coastal elites, or climate regulation, or government regulation in general, or queer people. Not directly, anyway. They voted against the incumbent party, like every other developed country in the world this year. The shock waves from the Covid-19 pandemic — inflation, empty shelves, housing prices — are global, and this is a global trend. Everywhere in the world, voters have chosen to throw the bastards out because of the economy.  In fact, if you look closely at the Financial Times data, Trump actually did worse than most other non-incumbents. Yes, he won a clear victory. But it was not as big a victory as parties in France, Italy, or even New Zealand.  [...] So what happens when the emperor is revealed to have no clothes — or even worse, the garb of the same financial “elites” he claims to be against? Obviously, the MAGA faithful will stay with Trump no matter what — after all, his failure to bring about revolution in 2017 spawned the QAnon conspiracy theory, which said he was really about to do it, any day now. But the economic voters that gave him his victory could abandon Trump if he can’t deliver results. And he cannot. While Trump is busy trying to throw his enemies in jail, he has no plan — not even “concepts of a plan” — for the kitchen-table concerns that actually put him into office. Maybe, just maybe, voters will see they’ve been conned. That is the best we can hope for.

Jay Michaelson wrote in Rolling Stone that some of who voted in Donald Trump due to “muh economy” or “muh grocery costs” could be in for a shock.

Trump will actually make inflation worse, either through tariffs, deportation of undocumented workers, or both. This is not rocket science, even for us non-economists.

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